)
New York's main contract, light sweet crude for delivery in April dropped 63 cents to $92.48 a barrel and Brent North Sea crude for delivery in April shed 49 cents to $113.95.
"The cloudy Italian elections sent shudders across global markets ... Causing panic it might derail the eurozone's nascent recovery," IG Markets Singapore said in a market commentary.
A political deadlock loomed in Italy as it appeared Sunday's elections failed had to produce a clear winner.
Polls show that while the leftists won the lower house, the party run by former prime minister Silvio Berlusconi had more seats in the upper house.
A majority in both chambers of parliament is required to form a government, leaving Italy in a state of limbo.
"This raised fears that much-needed austerity measures for Italy could stall due to political infighting," the IG Markets report said.
